Halliburton Company (NYSE:HAL) Q1 2023 Earnings Call Transcript

Scott Gruber: But it just sounds like it’s more of the kind of structural investments you made around technology and driving your asset turns and mix more than pricing today. Is that fair, Jeff?

Jeff Miller: Yes, I think that is reasonable to say.

Operator: We have a question from Chase Mulvehill with Bank of America Merrill Lynch.

Chase Mulvehill : Jeff. I guess maybe if we can kind of hit on free cash flow. If we think about your outlook, your North America outlook was maintained. And it looks like you kind of bumped up your international outlook so I’m guessing that it would probably imply a bump to your free cash flow outlook. I think last quarter, you said free cash flow should grow at least 20%, which seemed conservative when you gave it so with a better international outlook and still maintain North America. Any updates on how we should be thinking about 2023 free cash flow?

Eric Carre: Yes, This — it’s Eric. So directionally, as you said, we’re very confident in the outlook of the business, the kind of profile of free cash flow. Typically, we’re going to start generating meaningful free cash flow in Q2 and in H2 as we’re done with the buildup of working capital we did in Q1. And directionally, — you’re right. Our outlook right now is more north of 30%, then it was 20% in Q1. So yes, we’re revising our projections up.